lIC has introduced a limited premium paying, non-linked, with-profits Endowment Assurance plan “lIC’s Jeevan labh” recently. The plan is available from ages eight years to 59 years and a choice of policy term of 16,21,25 years with premium paying term of 10, 15 and 16 years respectively. The maximum age at maturity is 75 years. On maturity of the policy and the policy holder surviving to the end of the policy term, basic sum assured along with vested simple reversionary bonuses and final additional bonus, if any, shall be payable.
On death of the life Assured during the policy term, the Death Benefit, defined as sum of “Sum Assured on Death” and vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable. Where “Sum Assured on Death” is defined as the higher of 10 times of annualised premium or Absolute amount assured to be paid on death, that is, Basic Sum Assured. The death benefit shall not be less than 105 per cent of the total premiums paid as on date of death.